March 18--BUCHAREST -- Chinese Company Junlun Petroleum CO LTD has reiterated its interest to get involved in the privatization of chemical plant Oltchim. Thus, an export delegation will come in May to learn the details of the investment, reads a Ministry of Economy release issued on Wednesday for AGERPRES.
Minister of Economy, Commerce and Tourism Mihai Tudose met, on Wednesday, with a delegation of Chinese company Junlun Petroleum CO LTD, led by its Board's Chairman Xie Chang.
"The Chinese company has reiterated its interest to get involved in the privatization of chemical plant Oltchim, with Minister Mihai Tudose having voiced the wish to take some concrete steps towards finalizing this project, and assured the Chinese partners of the Ministry of Economy, Commerce and Tourism's full support," the release reads.
Junlun Petroleum CO LTD Board's chairman said that the company's interest in Oltchim continues to be high and enjoys the support of the Chinese Government.
"Xie Chang has already announced the visit of an expert delegation, in May, with the experts to learn all the concrete details for the investment that the Chinese side is to make in Romania. Thus, a 10 years' development plan will be devised for Oltchim, to include the introduction of new technologies and products, not only for European markets, but also for those on other continents," informs the Ministry of Economy.
Oltchim has been insolvent for two years and its privatization has been repeatedly attempted, but unsuccessfully. The latest deadline was December 15, and no investor was interested in Otchim, which has debts of some 800 million euros.
On March 9, the General Assembly of Oltchim Creditors approved the re-organization plan proposed by the consortium of legal receivers made up of BDO Business Restructuring SPRL, which will be approved by the bankruptcy judge on March 25, 2015.
The legal receivers say the re-organization of the plant should be done by operational restructuring, corporate restructuring and partial or total conversion of debts into shares, as well as selling the plant's activity.
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